The trade balance registered a deficit of 1.083 billion dollars in August, compared to the surplus of 708 million dollars in the same month of 2016, the National Institute of Statistics and Census (INDEC) reported on Tuesday.
In August, exports totaled US$ 5.228 billion, 9,2% less than in the same month last year, while imports grew 24,9% to US$ 6.311 billion, the official report said.
In the first eight months of the year, the trade deficit reached 4.498 billion dollars, which is already double the trade deficit of the entire previous year.
Exports of primary products, mainly beans, Soybeans and corn fell 23% in quantities, given prices that were 6,8% below those of August last year, which generated 1.380 billion dollars, 28% less than in 2016.
The Manufactures of Agricultural Origin (MOA) increased their quantities by 4,7%, but with prices also 6,8% lower than last year, so the turnover of 2.083 million dollars was 2,4% lower than last year.
In the meantime, the Manufactures of Industrial Origin, although they had prices 2,4% lower than last year, the quantities rose slightly by 0,3%which allowed us to generate revenue of 1.594 billion dollars, a level similar to that of last year.
Only the energy sector, with a 48% increase in sales, 171 million dollars, showed a favorable trend with prices 4,5% higher than in 2016 and a 42,3% increase in the quantities sold.
As in the previous months, Brazil was the main trading partner Argentina, with exports reaching 762 million dollars and imports of 1.655 million, leaving a trade deficit of 893 million dollars.
Consulting opinion
A recent report from the consulting firm Ecolatina He noted that Brazil's economic improvement "is particularly relevant for local industry" since exports of Argentine industrial manufactures to that nation grew 3,4% year-on-year between January and August.
"If Brazil's demand begins to pick up next year, it is likely that our industrial exports will consolidate their recovery," the consultancy firm's report said.
Beyond the estimates, the truth is that the most significant deficits in August were recorded with Brazil (893 million dollars), China (810 million), the United States (728 million), Germany (242 million) and France (105 million).
The largest surpluses in August were in trade with Chile (144 million), Egypt (133 million), India (112 million), Peru (104 million) and Vietnam (94 million).
The accumulated deficit for the eight months of 2017 reached 4.498 billion dollars, with exports totaling 38.528 billion dollars, only 53 million less than in the same period last year, while imports totaled 43.026 billion dollars, with an increase of 16,8%.
Source: Reuters
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